Thinking of Starting Your Own Business?

Starting your own business is always an exciting endeavor. It can come with many challenges; however, we are here to help!

Did you know that you might be eligible for a subsidy through the BDC to help you launch your business?

Tax Increment Financing (TIF) incentives are designated sets of funds which can be acquired through each of Berwyn's four TIF districts (see below) and can be used to help you get your business off the ground. Through our comprehensive TIF program, the BDC provides redevelopment assistance to support property improvement and building activities, including acquisition, architectural design, demolition, engineering, infrastructure, interior remodeling, planning, signage and site work. TIF funds can also be used by property owners and businesses to make needed improvements to their building's fa√ßade, as well as upgrading their venue.

Start the Process:

Contact the BDC at (708) 788-8100 and be sure to schedule a meeting with one of our staff members who can aid you in understanding and using TIF incentives.

Tax Increment Financing (TIF) Programs

Tier I Program

The TIF Program for Tier I projects provides financial assistance for property and business owners interested in making minor improvements to their existing commercial properties.

The goal of this program is to encourage private investment on a smaller scale where possible, by funding up to 50% of eligible project costs,¬†not to exceed¬†$10,000 of a project totaling $20,000 or more. Eligible projects include but are not limited to:

Each project must meet minimum design guidelines established for the TIF district and meet all City codes and permit requirements. An architectural review and/or design recommendation will be provided at no cost to program participants as necessary. Only TIF approved expenses are eligible.

The TIF Program for Tier II projects provides financial assistance for property and business owners interested in redevelopment projects by funding up to 50% of eligible project costs¬†not to exceed¬†$125,000 of a project totaling $250,000 or more. Eligible projects include but are not limited to:

Site preparation and site improvements that serve as an engineering barrier addressing ground level environmental contamination, including but not limited to parking lot and other concrete or asphalt barriers

Job training - costs of job training, advanced vocational education or career education including but not limited to courses in occupational, semi-technical or technical fields leading directly to employment, incurred for persons employed or to be employed by employers located in a redevelopment project area

Marketing - The cost of marketing a site within the redevelopment project area to prospective businesses, developers and investors

Loan Interest - Interest costs incurred by a redeveloper related to the construction, renovation or rehabilitation of a redevelopment project, provided such payments in any one year do not exceed 30% of the annual interest costs incurred by the redeveloper with regard to the redevelopment project during that year, and that the total of such interest payments may not exceed 30% of the total cost paid or incurred by the redeveloper for the development project plus redevelopment project costs, excluding any property assembly costs and any relocation costs, incurred by the municipality

The TIF Program for Tier III projects provides financial assistance for property and business owners interested in redevelopment projects by funding up to 50% of eligible project costs greater than $250,001. Eligible projects include but are not limited to:

Site preparation and site improvements that serve as an engineering barrier addressing ground level environmental contamination, including but not limited to parking lot and other concrete or asphalt barriers

Job training - costs of job training, advanced vocational education or career education including but not limited to courses in occupational, semi technical, or technical fields leading directly to employment, incurred for persons employed or to be employed by employers located in a redevelopment project area

Marketing - The costs of marketing a site within the redevelopment project area to prospective businesses, developers, and investors

Loan Interest - Interest cost incurred by a redeveloper related to the construction, renovation or rehabilitation of a redevelopment project, provided such payments in any one year do not exceed 30% of the annual interest costs incurred by the redeveloper with regard to the redevelopment project during that year, and that the total of such interest payments may not exceed 30% of the total cost paid or incurred by the redeveloper for the development project plus redevelopment project costs, excluding any property assembly costs and any relocation costs, incurred by the municipality

Be Prepared:

When meeting with the BDC TIF consultant, it is highly recommended that you have a business plan readily available for review in order to¬†solidify the application process.¬†¬†Specifically,¬†outline¬†how you will finance your business operations so that the BDC understands your financial needs and can determine the amount required to help you cover any financial gaps.

Plan Ahead:

The TIF approval process does not happen overnight. It is important that you complete and submit to the BDC your full TIF application with all necessary attachments three full weeks prior to the committee meeting where your submission will be reviewed. The BDC TIF consultant will help you determine the deadlines you must meet for submitting your application.

How It Works:

The BDC has committees for each TIF district in Berwyn. BDC staff receives your application and will review your materials. It will be the commission's task to either approve or deny an application. If approved by the commission, your application will be forwarded to the BDC Board of Directors for approval. Your final round of review and approval will take place at a City Council meeting, which takes place every 2nd and 4th Tuesday of each month.

TIF Commission Meeting Schedule:

Cermak/Roosevelt TIF Commission meets the 3rd Thursday of every month at 8:30 am

Ogden/Depot District TIF Commission meets the 3rd Thursday of every month at 4:30 pm